Today@18th Jan2017- We expected a pullback from 8450-8460 zones at day high & joined in the bull camp with stop loss below-8400. Unfortunately, it took the stops of 8400 made a marginal low@8397 & bounced back to close at 8417.
What Next? We shall look for bottom zone 8370-8390 with strict stops under 8370 -one knows going below 8370 Nifty will leak from the Dabba. Or sustained move above 8425 with the day's low as strict stops for long positions.
Within all charts below -one can use the load bar feature(TradingView feature) to know how prices moved in the future from the published view date.
Previous Update- Hello 8370 let it break
Comment
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21:53 Hrs 18th Jan2017
My broker confirmed that spot 8400 was taken out, but future, it did not & So I am happy to come out at close to 8417- not losing much in Nifty trade which was a marginal Intraday loss of 7-9 points.
Trade active
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13:31 Hrs 19th Jan2017
Analysis is done on Spot/cash data
Last Price@8430
Day High@8440
With strict stops above 8440 -once the rising trendline gets broken or pullback close of day high -we shall look to sell for target zone 8380-8390
Trade active
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15:11 Hrs 19th Jan2017
Last price@8434
It is always important to trail your stops at cost when your trade starts moving in your favour so that you do not lose any points -if you don't take any profits -that is risk management which one should learn
Comments
vijay73
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Abhishek Ji ,
Nifty Range trading last 3 to 4 days...8370 on bottom support ...Resistance zone on 8460 Nifty close above then as you said Upside rally conform
Nifty Range trading last 3 to 4 days...8370 on bottom support ...Resistance zone on 8460 Nifty close above then as you said Upside rally conform